Siemens 2011 Annual Report Download - page 294

6 A. To our shareholders 51 C. Combined management’s discussion and analysis 23 B. Corporate Governance

As of September ,  and , minimum future lease
payments receivable from lessees under operating leases are
as follows:
September ,
(in millions of €)  
Within one year 426 454
After one year but not more than five years 929 891
More than five years 213 179
1,568 1,524
Payments from lessees under operating leases primarily relate
to buildings, data processing and phone equipment as well as
to medical equipment. Total contingent rent recognized in in-
come in fiscal  and  amounts to € million and
€ million.
INVESTMENT PROPERTY
The carrying amount of investment property amounts to €
million and € million compared to a fair value of € mil-
lion and € million as of September ,  and , re-
spectively.
 – Investments accounted
for using the equity method
As of September , , Siemens’ principal investments ac-
counted for under the equity method, which are all unlisted,
are (in alphabetical order):
Percentage of Ownership
September ,
 
BSH Bosch und Siemens Hausgeräte GmbH
(BSH) 50 % 50%
BWI Informationstechnik GmbH 50% 50%
Enterprise Networks Holdings B.V. 49% 49%
Maschinenfabrik Reinhausen GmbH 26% 26%
Nokia Siemens Networks Holding B.V. 50% 50%
P.T. Jawa Power 50% 50%
Shanghai Electric Power Generation
Equipment Co. Ltd. 40% 40%
Voith Hydro Holding GmbH & Co. KG 35% 35%
1 The exact percentage equals .%; it is not controlled by Siemens due
to significant participating rights of the two other shareholders.
2 The exact percentage of voting rights equals % less , voting rights.
3 The investment is no jointly controlled entity.
In January , Siemens sold its interest in KMW, see Note 
Acquisitions, dispositions and discontinued operations.
The investment in Areva NP S.A.S. was sold in fiscal . See
Note  Acquisitions, dispositions and discontinued opera-
tions and
Note 9 Interest income, interest expense and other
financial income (expense), net for additional information on
the sale. Prior to its sale, the investment in Areva NP S.A.S.
has been classified as asset held for disposal and accounting
under the equity method was ceased.
At the beginning of November , Siemens closed the ac-
quisition of a non-controlling interest of % in ASEA A / S, a
supplier of installation services for the construction of off-
shore wind farms. The aggregate consideration amounts to
€ million of which € million were paid as of closing. The
second purchase price installment is payable latest in Novem-
ber . The investment, presented under Energy Sector’s Re-
newable Energy Division, is accounted for using the equity
method.